Are you taking full advantage of your financial aid opportunities? If you have not yet applied for the Pell Grant, then you may be missing out on millions in federal funding that is currently being unused. In fact, in California alone, more than 500,000 community college students were eligible for the Pell Grant, but simply did not apply for it, according to the Institute for College Access and Success.
As a grant, the Pell Grant does not need to be repaid, making it one of the best financial aid opportunities. In addition, the Obama administration plans to inject another $40 billion into the program, as reported by the Washington Post.
College Scholarships explains the Pell Grant as follows:
"What we know today as the Pell Grant, began as the Higher Education Act of 1965. Proposed by then President Lyndon Johnson and passed by Congress, the HEA provided financial aid to students from low income families who would otherwise have been unable to afford a college education. In 1972 the HEA was reformed under the oversight of Senator Claiborne Pell. The Higher Education Amendments of 1972 reauthorized the original act, while further alterations and amendments made in 1978 helped to form what we now recognize as the federal Pell Grant program. During the amendments of 1978 the program was renamed to honor the dedication of Senator Claiborne Pell in his pursuit to provide access to higher